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REPORTABLE SEGMENTS | 12 Months Ended
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Dec. 26, 2021
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company operates in three reportable segments: U.S., U.K. and Europe and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico and U.K. and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. reportable segment. We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. The U.K. and Europe reportable segment processes primarily fresh chicken, pork products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. Additional information regarding reportable segments is as follows:
| Year Ended
| December 26, 2021(a) |  | December 27, 2020(b) |  | December 29. 2019(c)
| (In thousands)
Net sales |  |  |  |  |
U.S. | $ | 9,113,879 |  |  | $ | 7,496,017 |  |  | $ | 7,636,716 |
U.K. and Europe | 3,934,062 |  |  | 3,274,292 |  |  | 2,383,793 |
Mexico | 1,729,517 |  |  | 1,321,592 |  |  | 1,388,710 |
Total | $ | 14,777,458 |  |  | $ | 12,091,901 |  |  | $ | 11,409,219 |
(a)For the year 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $296.9 million. These sales consisted of fresh products, prepared products, eggs and grain. (b)For the year 2020, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $210.6 million. These sales consisted of fresh products, prepared products and grain. (c)For the year 2019, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $188.9 million. These sales consisted of fresh products, prepared products and grain.
| Year Ended
| December 26, 2021 |  | December 27, 2020 |  | December 29, 2019
| (In thousands)
Operating income |  |  |  |  |
U.S. | $ | (17,036) |  |  | $ | 69,377 |  |  | $ | 487,275 |
U.K. and Europe | (627) |  |  | 102,734 |  |  | 79,182 |
Mexico | 228,773 |  |  | 72,879 |  |  | 124,015 |
Eliminations | 54 |  |  | 473 |  |  | 96 |
Total operating income | 211,164 |  |  | 245,463 |  |  | 690,568 |
Interest expense, net of capitalized interest | 145,792 |  |  | 126,118 |  |  | 132,630 |
Interest income | (6,056) |  |  | (7,305) |  |  | (14,277) |
Foreign currency transaction (gains) losses | (9,382) |  |  | 760 |  |  | 6,917 |
Gain on bargain purchase | — |  |  | 3,746 |  |  | (56,880) |
Miscellaneous, net | (11,580) |  |  | (39,681) |  |  | 4,633 |
Income before income taxes | 92,390 |  |  | 161,825 |  |  | 617,545 |
Income tax expense | 61,122 |  |  | 66,755 |  |  | 161,009 |
Net income | $ | 31,268 |  |  | $ | 95,070 |  |  | $ | 456,536 |
| Year Ended
| December 26, 2021 |  | December 27, 2020 |  | December 29, 2019
| (In thousands)
Depreciation and amortization: |  |  |  |  |
U.S. | $ | 242,944 |  |  | $ | 218,244 |  |  | $ | 207,584 |
U.K. and Europe | 113,256 |  |  | 92,673 |  |  | 60,499 |
Mexico | 24,624 |  |  | 26,187 |  |  | 19,147 |
Total | $ | 380,824 |  |  | $ | 337,104 |  |  | $ | 287,230 |
| Year Ended
| December 26, 2021 |  | December 27, 2020 |  | December 29, 2019
| (In thousands)
Capital expenditures: |  |  |  |  |
U.S. | $ | 274,934 |  |  | $ | 264,149 |  |  | $ | 269,609 |
U.K. and Europe | 87,004 |  |  | 77,597 |  |  | 58,795 |
Mexico | 19,733 |  |  | 13,016 |  |  | 19,716 |
Total | $ | 381,671 |  |  | $ | 354,762 |  |  | $ | 348,120 |
| December 26, 2021 |  | December 27, 2020
| (In thousands)
Total assets: |  |  |
U.S. | $ | 6,390,845 |  |  | $ | 5,189,021 |
U.K. and Europe | 4,292,558 |  |  | 3,034,219 |
Mexico | 1,146,204 |  |  | 1,212,428 |
Eliminations | (2,916,402) |  |  | (1,961,171) |
Total | $ | 8,913,205 |  |  | $ | 7,474,497 |
| Year Ended
| December 26, 2021 |  | December 27, 2020 |  | December 29, 2019
| (In thousands)
Net sales to customers by customer location: |  |  |  |  |
U.S. | $ | 8,657,648 |  |  | $ | 7,190,808 |  |  | $ | 7,355,631 |
Europe | 3,878,475 |  |  | 3,225,717 |  |  | 2,363,017 |
Mexico | 1,778,355 |  |  | 1,350,588 |  |  | 1,437,081 |
Asia-Pacific | 317,685 |  |  | 252,574 |  |  | 175,898 |
Canada, Caribbean and Central America | 81,549 |  |  | 30,792 |  |  | 31,808 |
Africa | 47,948 |  |  | 25,321 |  |  | 28,400 |
South America | 15,798 |  |  | 16,101 |  |  | 17,384 |
Total | $ | 14,777,458 |  |  | $ | 12,091,901 |  |  | $ | 11,409,219 |
| December 26, 2021 |  | December 29, 2019
| (In thousands)
Long-lived assets(a): |  |  |
U.S. | $ | 1,862,584 |  |  | $ | 1,815,460 |
U.K. and Europe | 1,125,197 |  |  | 842,049 |
Mexico | 284,980 |  |  | 292,651 |
Eliminations | (3,729) |  |  | (3,783) |
Total | $ | 3,269,032 |  |  | $ | 2,946,377 |
(a)For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting. Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed. The following table sets forth net sales attributable to each of our primary product lines and markets served with those products. We based the table on our internal sales reports and their classification of products.
| Year Ended
| December 26, 2021 |  | December 27, 2020 |  | December 29, 2019
| (In thousands)
U.S. reportable segment: |  |  |  |  |
Fresh products | $ | 7,264,448 |  |  | $ | 6,137,265 |  |  | $ | 6,214,954 |
Prepared foods | 898,614 |  |  | 714,563 |  |  | 842,365 |
Exports | 459,371 |  |  | 306,478 |  |  | 282,791 |
Other Products | 491,446 |  |  | 337,711 |  |  | 296,606 |
Total U.S. reportable segment | 9,113,879 |  |  | 7,496,017 |  |  | 7,636,716 |
U.K. and Europe reportable segment: |  |  |  |  |
Fresh products | 1,151,330 |  |  | 1,594,373 |  |  | 1,054,837 |
Prepared foods | 2,214,180 |  |  | 1,237,486 |  |  | 951,718 |
Exports | 458,588 |  |  | 297,414 |  |  | 278,215 |
Other Products | 109,964 |  |  | 145,019 |  |  | 99,023 |
Total U.K. and Europe reportable segment | 3,934,062 |  |  | 3,274,292 |  |  | 2,383,793 |
Mexico reportable segment: |  |  |  |  |
Fresh products | 1,515,453 |  |  | 1,210,952 |  |  | 1,245,976 |
Prepared foods | 128,208 |  |  | 66,572 |  |  | 95,733 |
Other products | 85,856 |  |  | 44,068 |  |  | 47,001 |
Total Mexico reportable segment | 1,729,517 |  |  | 1,321,592 |  |  | 1,388,710 |
Total net sales | $ | 14,777,458 |  |  | $ | 12,091,901 |  |  | $ | 11,409,219 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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